Banco BPI mandated lead managers for a five year Portuguese covered bond on Thursday — the first from the country since October 2017. The announcement suggests borrowers have a good reason to hit the market even though they will be able to fund more cheaply by tapping the European Central Bank.
Banco BPI, which is owned by La Caixa, mandated Barclays, CaixaBank, LBBW, Natixis and UniCredit as joint bookrunners for a €500m five year no-grow Obrigações Hipotecárias, or Portuguese mortgage covered bond.
The deal will be launched in the near future. It is rated Aa3 and AAL by Moody's and